New vehicle sales in Taiwan increased 8.8% to 23,180 units in August, from 21,306 units in the same month of last year, according to local carmaker Yulon Motor.

Cumulative sales in the first eight months of the year increased by 14.5% to 279,010, from 243,601 units a year ago, reflecting strong domestic consumer and business sentiment.

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Speaking at an investor conference, Yulon’s president Yao Chen-Hsiang said he expected new vehicle sales in the country to reach 400,000 units, from 378,456 units in 2013. He said the market this year was benefiting from strong replacement demand as part of a 10-year demand cycle.

Chen said he expected sales to weaken in this second half of 2014 as consumers and businesses focus on the upcoming local elections.

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